Have you ever tried to buy term life insurance, but ran into trouble because you have a serious medical condition? If so, you know how frustrating the process can be. So what do you do? Many people have found success by shopping for life insurance online. But there are a few things you should know before you hit that ‘Get Quotes’ button.
This post will help guide you through the online maze of life insurance quote websites so you can find a policy that’s right for you — and one that’s priced fairly.
1. Use a Life Insurance Broker
The best method to ensure you end up with a fair offer is to use a life insurance broker. A broker is different from an agent in that the former usually works with several life insurance companies, while the latter is often an employee of a company or contracted by just one. Although, the terms are sometimes used interchangeably.
We call these types of agents ‘captives’ because they are bound to sell life insurance policies from their ‘captor.’ Think New York Life or Allstate. These are great companies, but you don’t want to limit your options to just one, especially if you have a medical condition such as heart disease or diabetes.
It’s in your best interest to check with several companies to see which one will give you the best rating class and price. You’ll know where you’ve landed when you see how many quotes are displayed on their website. Just one? Best to keep looking.
2. Spill the Beans
Once you’ve found a good website and taken a look at some quotes, talk with a broker at that company. All good websites will have a toll-free telephone number listed prominently, so find it and call it.
Once you’re comfortable with the representative you reach, get ready to spill the beans. In other words, tell her everything about your medical history. Don’t leave out anything, and answer all of her questions honestly. Remember, she is there to help you find the best price on a term life insurance policy. And the best way to help her do that is to be open and up front.
Remember, the devil is in the details.
3. Keep an Open Mind
Your broker will check with several life insurance companies on your behalf. Let her do the work for you. There’s no need to visit three more websites and go through the same process with them. You’ll end up frustrated by calls from several different agents or brokers and you may even get confused by all the different companies and quotes. In the end you’re likely to give up and do nothing.
Don’t let that happen!
Keep an open mind. Let your broker do the shopping for you and together you can choose the best company to apply with. The quotes she comes back with will be tentative only; meaning the final rate will be determined by the life insurance company through underwriting. They will request your medical records from your doctors and make a final determination on the rating class and price of your policy.
Now that you know how to effectively shop for term life insurance online with a medical condition, you’re ready to save yourself some frustration and, hopefully, some money!
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